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BRICS sign deal to create development bank and an emergency reserve fund

Wednesday, July 16th 2014 - 01:10 UTC
Full article 18 comments

The leaders of the group of five BRICS emerging market countries signed on Tuesday a deal to create a new development bank and an emergency reserve fund, Brazil's President Dilma Rousseff announced at a summit of the group in the Brazilian city of Fortaleza. Read full article


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  • Brasileiro

    Beautiful words for who understand portuguese.

    Jul 16th, 2014 - 02:44 am - Link - Report abuse 0
  • CabezaDura2

    No more videos of German mili7ary pow3r???

    Jul 16th, 2014 - 02:46 am - Link - Report abuse 0
  • Brasileiro


    Jul 16th, 2014 - 02:50 am - Link - Report abuse 0
  • Troy Tempest

    @1 Brzro

    just words Brassiero, just words...

    Jul 16th, 2014 - 03:53 am - Link - Report abuse 0
  • Brasileiro


    Jul 16th, 2014 - 04:14 am - Link - Report abuse 0
  • gordo1

    Looks like the BRICS will have their own development bank! It'll end up just like the Vatican Bank!

    Jul 16th, 2014 - 06:02 am - Link - Report abuse 0
  • ElaineB

    You have to laugh. The ink it not dry on the contract and the money hasn't been deposited in this new 'emergency reserve fund' but Kicillof and CFK are flying to Brazil to be the first in line to beg for money.

    Jul 16th, 2014 - 06:06 am - Link - Report abuse 0

    Bom Dia Elaine. You are quite correct.

    Here in Fortaleza where the BRICS conference is underway, the announcement of the BRICs BANK is major news and received well.

    The fact that it will be located in Shanghai was probably decided upon during President Dilma's last business trip there. Still, it remains a future project.

    The Argentines are perceived as acting as though they are already members. They aren't, and have also been told they won't be at the moment, and will have no access to the BRICS emergency funds. They would love to get their hands on all that BRICS money.

    Still they come, and Washington Soares Blvd. has not seen so many red flashing lights before with all the attendees' entourage.

    Regarding the outcome of the Copa, and Putin's announcement to them regarding BRICS membership, the refrain here is the same comment. I will translate it thusly:
    “ Os argentinos mereceram. ” The Argentines got what they deserved.

    Jul 16th, 2014 - 07:35 am - Link - Report abuse 0
  • ElaineB

    @8 Thanks for that. It takes a special kind of abstract thinking from CFK to believe she is already in the club when Argentina has nothing to bring to BRICS. Maybe it was the blow to the head that has her confused.

    Talking of which, did she really say this to Higuaín: “I would recommend that you get a CT Scan in a week because that knee you took to the head yesterday… brother… that kick and punch to the head…. it happened to me and… God forbid it happens to you. But yeah, get a medical team to check you out because they hit you hard.” I am sure something is lost in translation………

    Jul 16th, 2014 - 07:51 am - Link - Report abuse 0
  • ChrisR

    @ 9 ElaineB
    “But yeah, get a medical team to check you out because they hit you hard.” I am sure something is lost in translation”

    It must have been the blow to her head that did it. :o)

    Pity it wasn't fatal.

    Yet another 'bank' for some club or other: what happened to Chubby's 'Bank of the South'?

    Jul 16th, 2014 - 11:36 am - Link - Report abuse 0
  • ElaineB

    @10 We know she hit her head but I thought she tripped over her grandson's toy not 'that kick and punch to the head…. it happened to me'… ah well.

    Loving Eric Boole's 'Countdown to Default' over on For people that don't like posting and clicking links, a couple of extracts:

    Chinese Premier Xi Jinping arrives in Buenos Aires on Friday evening following a summit ( of socialist world leaders that can’t let go of the fact that someone devised an over-optimistic and now outdated acronym for their economies) between the heads of Brazil, Russia, India, China, and South Africa that Argentine representatives will also participate in today and tomorrow on behalf of UNASUR (Union of South America).

    Wait how did Argentina make that guest list?!


    Jul 16th, 2014 - 11:51 am - Link - Report abuse 0
  • ilsen

    What? Argentina is representing UNASUR?
    Is this some sort of joke? CFK is representing the whole of UNASUR?
    Do they know?

    Jul 16th, 2014 - 01:46 pm - Link - Report abuse 0
  • Trunce!


    Thanks for mentioning bubblear. Good stuff - one for a regular visit methinks : )

    Jul 16th, 2014 - 01:54 pm - Link - Report abuse 0
  • CabezaDura2

    The principle of banking and lending is the same, call it US, IMF, WB, BRIC bank or China, the lender will want a return for the money it lends, and will inquire in the capacity that the country has to pay back its loans.

    Argentina is lying about the capacity to pay back its loans with false statistics like GDP numbers, export numbers or investment numbers.
    Anyway BRIC will lend 3.4 Bn per year in USD and from 2016 onwards. WB lends over 60 Bn.
    CFK wont get those loans..................Thank God for it!

    Jul 16th, 2014 - 03:00 pm - Link - Report abuse 0
  • ilsen

    Some one, ChrisR, I think, mentioned the Chavez inspired Bank of the South in relation to this.
    Apparently it does still exist as a legal entity, just not in any other form. Depending on which sources one goes by, Cristina pledged either USD 4 Billion or USD 7 billion as part of the set up fund.

    Nothing so far. Guess she just forgot. As you do. ..

    Jul 16th, 2014 - 03:54 pm - Link - Report abuse 0
  • ElaineB

    @13 Yes, I love the humour there. It is not anti-Argentine. To use their blurb “Our mission is to provide you with a distinctive, no-bullshit approach to the facts” and “It’s reality –news– taken with a big, cynical grain of salt”.

    Jul 16th, 2014 - 04:24 pm - Link - Report abuse 0
  • Conqueror

    Good luck to BICS. Little developing countries. Who would think of including a belligerent, colonialist, genocidal, imperialist, larcenous, mendacious, torturing, vicious place like Russia. Obliterate argieland and then obliterate Russia. Make the whole world a better place!

    Jul 16th, 2014 - 06:53 pm - Link - Report abuse 0
  • ilsen

    I'd forgotton about bubblear,com. I used to visit quite often. Thanks ElaineB!

    (tootles off for a perusal...)

    Jul 16th, 2014 - 06:53 pm - Link - Report abuse 0

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